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TyraTech is developing proprietary compounds that target receptors foundon insects and other invertebrates, but are not found on humans or animals.These compounds -- called TyraTech Naturals -- are derived from plants and cankill insects with the potency of chemical pesticides, but without theirtoxicity. The partnership with Arysta is to develop new products based on theTyraTech compounds for the control of insects in certain horticulturalmarkets. The partnership has different progressive development stages, whichwhen they are successfully reached, result in milestone payments to TyraTech.
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The two milestone payments above relate to achieving specific insecticideefficacy and cost targets for TyraTech Natural products in two of the licensedapplications. Field testing for the lead product prototypes has been underwaysince late 2006, when an exclusivity payment was received.
Douglas Armstrong PhD, Chief Executive Officer of TyraTech said: "Theglobal horticultural insecticide market includes fruits and vegetables as wellas professional turf areas such as golf courses, where safer, more responsibleinsecticides are increasingly demanded by both the consumer as well as theregulatory agencies. TyraTech's technology is designed to meet thisopportunity with active insecticides that have a strong combination of potencyand safety, as well as providing a new solution to the increasing problem ofinsect resistance to traditional insecticides. With our partner Arysta, wecan not only accelerate the development of products, but also have anexperienced sales and marketing capability to bring these products into thecommercial marketplace."
TyraTech is actively developing products for other markets that requiresafe and effective control of insects and invertebrate pathogens. In OctoberTyraTech announced the release of its first TyraTech Naturals insecticideproduct, a general-use crawling insect spray for sale to businesses --particularly the hospitality industry -- for direct insect control ininhabited spaces. Enabled by the safety profile of TyraTech Naturals, theCompany is also working in close alliance with Kraft Foods to develop a lineof functional food products intended for the prevention or control ofintestinal parasites. The successful achievement of a major developmentmilestone in this partnership was also recently announced by TyraTech.
Dr. Armstrong continued, "We are committed to establishing a new standardfor commercial insecticides based on the unique level of combined potency andsafety of TyraTech Naturals. Our recent progress is an exciting start for allinvolved from our hard working staff, our partners, our new customers, andparticularly for our shareholders."
About TyraTech, Inc.
TyraTech is pioneering a new class of highly effective, non-toxic,pesticides and anti-parasitic compounds to address global agriculture,horticulture, functional foods, healthcare and veterinary markets. Using arevolutionary chemoreceptor screening process, TyraTech has identifiedproprietary blends of natural oils that stimulate the reactions and biologicalbehavior of insects and parasites so that they can be effectively repelled orkilled. TyraTech's technology inhibits the development of resistance andavoids the environmental concerns and human health risks of chemical solutionswhilst still being at least, if not more, effective.
The Company's products have been validated through strong partnershipswith multinational conglomerates
